Educational and Research Institute of Economics and Management, NUFT

Victoria Yarmolenko

Market transformations in Ukraine fundamentally changed the conditions of operation of enterprises, including the conditions of formation and use of their financial resources. The circumstances of the main changes in the system of financing the activities of enterprises brings about a lot of questions on the optimization of the enterprise as it concerns the total financial resources.

Modern economist I.A. Blank defined capital as a system of collecting the excess of economic benefits in form of money and real capital products which draws the owner to economic process in form of investment resource and factor of production with the aim of receiving income which in factual in economic system under the market principle and is connect to the factors of time, risk and liquidity. Ignoring the fact that bankruptcy brings about natural factors of survival, more competitive enterprises under free market conditions it will be inappropriate to underestimate its destructive consequences to the owners of the capital, employees, partners in particular and the society as a whole. Today there is a growing need for the effective anti-recessionary financial management as a tool for the methods and measures that can prevent a financial crisis and avoid bankruptcy on time.

Under the condition of unstable financial activities in the global market, the out boast of competition on the local markets for goods and services, non professionalism of managers and misuse of positions provides the stiff tendency of increasing the in competencies of enterprises. During financial crisis, there exist not only economic entities of life circles that comes to an end, but enterprises which have reach the picks of their existence and are leaders of their sphere. Unstable economic situation forces the owners to re-look into the sources of their capital formation and give emphases to less risky components. For minimizing risk and reducing total expenditures, stock holders turn to using personal resources which is not in consistence to the western theoretical stands on a higher cost of personal resources in relation to the creditors.

Enterprise that runs its businesses exclusively on personal capital have a higher financial resistance however, it does not use financial possibilities of increase profit return on invested capital, thereby put constraints to the temp of its growth. On the other hand, use of other credits capital allows enterprise a more higher growth potential and expansion of scope of its financial economic activities, and influence the increase of the capital profitability but under this scheme, the enterprise encounters existing financial risk leading to bankruptcy which is necessary for decided which way forward on the political formation of the capital structure [3].

Management of financial state of enterprises is a complex process, which requires constant influence of the subjects of the object of financial management under the help of define system of methods and technical sources using special technology for the achievement and providing enterprise with the financial resources required for its normal financial activities, purposeful and effective distribution and use of resources financial relationship with other entities, purchasing power and financial resistance with the aim of increasing the effective functioning of subject of the entrepreneur activities and also determining the areas of its development both on long and short term bases. Management of financial state of enterprise differs when in financial crisis. The management under these conditions are called anti- crisis financial management.

Anti- crisis financial management is the management which is redirected to predicting the danger of financial crisis, the analyst of its symptoms and the removal of treats of occurrences of crisis situation now and hereafter. In event of such occurrences, the analyst of fast solution for liquidating it with the less lost and lest negative effects to the enterprise with the aim of reestablishing and finding new competitive conditions and the optimization formation distribution and use of financial resources towards returning to full profit making activities.

Anti- crisis financial management during crisis situation considers: Building of effective system for collecting, processing and interpretation of financial and anti-crisis information in the enterprise; Timely diagnostic pre-crisis situation of the economic entity; Working out and realizing complex preventive warnings of upcoming financial crisis of the enterprise; Working out mechanism of anti-crisis financial management of enterprises under the threat of bankruptcy; Overcome the insolvency and the unprofitability of the enterprise; Restoration of financial resistance of the enterprise; Earlier warning of bankruptcy and liquidation of enterprise; Perfecting the system management of enterprise with the elements of anti-crisis financial management.

Under the condition of modern economic situation, the strategy of optimization of the capital structure is reconsidered: rouse of personal capital and the reduction of its lost. Decision on the raise of personal capital must be redirected towards optimization of price policy; reduction of fix and variable costs; implementation of tax policy, which provides optimization of tax payment; implementation of depression of assets and others. Reducing the lost of personal capital provides the reduction of the investment activity of the enterprise; the resistance of dividend policy that provides the rouse of net profit; conversion of short-term credits to long-term credits; simplify the organization structure of the enterprise. These actions could lead the capital structure, separate sections and capital complex as a whole to the proportions that react to the reduction of debts to the barest minimum and raise of financial inflow and saving of financial outflow.


1.  .. : . - .: - , - -, 2004. - 576 .

2.  .., .., .. : / .., .., ... - : , 2009. 320 .

3.  Գ : / . . . ... - .: , 2005. - 535 .

4.  ѳ .., .. / .. ѳ, .. // . 2015. - 11 . 85-88.

Scientific supervisor: L. Vlasenko